insurer
/in'ʃuərə/
Definition
Noun: A financial institution or company that provides insurance coverage by accepting premiums and agreeing to pay for specific potential future losses or damages as outlined in an insurance policy.
Usage
The word "insurer" refers specifically to the party that underwrites an insurance policy and assumes the financial risk. It is a formal term commonly used in legal, financial, and business contexts.
Examples
Advanced Usage
- "The insurer of record": The specific insurance company officially listed as providing coverage for a particular risk or asset.
- The bank requires you to name them as the lender and the insurer of record on the homeowner's policy.
Variants and Related Words
- Insurance Company (n): A synonym for "insurer," often used in more general contexts.
- Several large insurance companies operate in this market.
- Underwriter (n): A person or institution that assesses and assumes risk for a premium, often used interchangeably with "insurer" in certain contexts like life or health insurance.
- The underwriter reviewed the medical records before approving the policy.
Synonyms
- Carrier: A common synonym in the insurance industry (e.g., "insurance carrier").
- Assurer: A less common, formal synonym.
Related Phrases
- Primary insurer: The main company that provides the initial layer of insurance coverage.
- The primary insurer covers claims up to a certain limit.
- Reinsurer: A company that provides insurance to insurers, helping them manage risk.
- The catastrophic losses were shared with a reinsurer.
Noun
-
a financial institution that sells insurance
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